Q4 Revenue and EPS in Line with Guidance
Q4 2025 revenue of $82.3M matched the previously provided range; non-GAAP EPS was $0.02, confirming the preliminary update shared in January.
Full-Year Revenue and Non-GAAP EPS
Full-year 2025 revenue was $338.7M (down 14.1% YoY) and non-GAAP EPS was $0.09, consistent with the company’s communicated results for the year.
Improved Net Cash Position and Liquidity
Cash & equivalents rose to $38.4M (up ~8.8% YoY) and net cash position improved to $19.4M from $10.1M at end of 2024 (increase of ~92%), while short-term loans fell from $25.2M to $19.0M (-24.6%).
Positive Free Cash Flow and Operating Cash Generation
Positive free cash flow in Q4 in excess of $7M; net cash flow from operations and investing was $7.3M in Q4 and $15.1M for 2025 (excluding E2E acquisition costs).
Receivables and DSO Improvement
Trade receivables decreased to $99.7M from $149.6M (approximately a 33% reduction year-over-year), with DSO at 107 days, reflecting focused collection efforts (notably in India).
Regional Strength and Wins
Q4 revenues were strongest in North America ($32.3M) and India ($24.7M); the company booked a multimillion-dollar private network order in APAC and noted solid execution in North America and early bookings in India.
Product Roadmap and Demand Visibility
Plan to launch four new products in 2026 with some expected to generate initial revenue; strong inbound interest for Mobile World Congress and confidence that new products align with observed demand.
2026 Guidance Reiterated with Margin Improvement
Reiterated 2026 revenue guidance of $355M–$385M and expects ~1 percentage-point improvement in non-GAAP gross margin at the midpoint and non-GAAP operating margin of ~6.5%–7.5% (midpoint assumptions).